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Compare deductions for AGI and deductions from AGI

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Question - Rank the following three single taxpayers in order of magnitude of taxable income (from lowest to highest) and explain your results. (Note: Use standard deduction amounts provide under the Tax Cut & Job Acts (TCJA) enacted in November 2017).

Alice: Gross Income = $80,000

Deductions for AGI = $15,000

Itemized deductions = 0

Brian: Gross Income = $80,000

Deductions for AGI = $5,000

Itemized deductions = $12,000

Craig: Gross Income = $80,000

Deductions for AGI = $0

Itemized deductions = $15,000

What is the differences between the standard deductions vs. itemized deductions given the filing status. Additionally:

Compare and contrast deductions for AGI and deductions from AGI (itemized deductions).

Is the tax treatment for each taxpayer in line with the Adam Smith's taxation cannons.

Reference no: EM132520152

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